Section 3
SEC. 3. Section Eleven of Republic Act Numbered Seven hundred twenty, otherwise known as the Rural Banks' Act is hereby amended to read as follows: "SEC. 11. With the written permission of the Monetary Board of the Central Bank, any Rural Bank may: accept savings and time deposits; open current or checking accounts. The Monetary Board shall determine when a Rural Bank may be authorized to open current or checking accounts; act as a correspondent for other financial institutions; act as a collection agent; to act as trustee over estates or properties of small farmers and small merchants as these terms are defined in section five of the Rural Banks' Act; and rediscount paper with the Philippine National Bank or Development Bank of the Philippines, or other banks and their branches and agencies. The Central Bank shall specify the nature of paper deemed acceptable for rediscount, as well as the rediscount rate to be charged by any of these institutions.